Before you hit the ground running, take a step back to assess the market that you are about to dive into. Starting a business can sometimes feel like jumping into the deep end of the pool where there are a lot of uncertainties. Failing to conduct any market research is like diving head first into the shallow end of the pool.
Understanding if there is a place for your product or service in the market is absolutely crucial. This may be a difficult decision to make because the startup costs can be overwhelming but performing market analysis and competitor research can really help you fine-tune your business model before any consequential decisions are potentially made.
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Market Research for you?
Primary and Secondary Research- primary research comes directly from your (potential) customer through surveys, focus groups and other methods. Secondary research comes from gathering data and statistics such demographics.
Associations- there will most likely be an industry trade association that can offer a tremendous amount of useful information such as statistics, members and reference materials.
Government Agencies- there are a variety of government agencies that provide (most are free) valuable information such as population densities.
Regardless of your product or service, conducting thorough market research will prove to be a beneficial decision. Like most steps in starting a business, competitive analysis takes capital so let HJR Global help turn your idea into reality.
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